Capstead Mortgage Corp., Dallas, and Crescent Real Estate Equities, Fort Worth, Texas, have entered into a $200 million joint venture to invest in commercial real estate mezzanine loans.Capstead and Crescent are forming two partnerships to target investments that will generate returns on equity of over 15%, according to the companies. Capstead is putting up $150 million of the capital, with Crescent putting up the rest. With the use of additional debt funding, they said they expect to invest over $600 million in mezzanine loans. Andrew F. Jacobs, Capstead's president and chief executive officer, said the partnership will target assets that are less sensitive to changes in interest rates. Crescent, which has an ongoing mezzanine program, will identify the opportunities and manage the loan portfolio, for which it will earn a fee.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18